DELHI: Over the years, Gurgaon has become synonymous with luxury living. Among the many localities offering high-end properties, Golf Course Extension Road stands out for the number of residential projects overlooking the golf course and state-of-the-art facilities.
“In the last three years Golf Course Extension Road has developed as a luxury destination with developers quoting prices as high as Rs 25,000 per sq ft in some of their projects,” says Mohit Goel, General Manager, Marketing, Bestech Group. However, at present this is an exception since the average capital values of residential properties range between Rs 8,000-10,000 per sq ft, informs Sunil Mann, Owner, Mann Real Estate. “It would not be long before more developers come up with such high prices,” he further adds.
The developers offering luxury projects along this stretch include IREO, Pioneer, EMAAR, Bestech Group, Ansal API and DLF among others. Their projects offer facilities such as swimming pools, jogging tracks, golf course, luxury kitchens and amenities beyond the imagination of the common man. The locality saw maximum demand for 3BHK units with nearly 55 per cent buyer interest in this category during the Feb-Apr 2013 period. Supply also kept pace with demand (almost 60 per cent) in the market.
Explaining this trend Goel says, “As Golf Course Extension Road largely consists of high-end houses, mostly families with large incomes buy here. Young couples and single professionals are rare. Thus, buyers prefer large units to accommodate everyone in the family.” The high supply is just a reflection of the huge demand in the luxury segment. “Moreover, the density norms in Gurgaon are such that it is more feasible for developers to construct larger units,”adds Goel.
An equal demand is witnessed from end-users and investors. While newly launched or pre-launched projects get enquiries from investors, projects nearing possession are largely demanded by end users.